Japan’s inflation accelerates further beyond BOJ’s 2% target

Japan’s inflation accelerated further beyond the central bank’s 2% target in July, complicating Bank of Japan Gov. Haruhiko Kuroda’s task of explaining his insistence on the continued need for ultralow rates.

Consumer prices, excluding fresh food, rose 2.4% in July from a year ago, with energy costs accounting for around half the gains, the internal affairs ministry reported Friday. The result matched economists’ estimates and was the strongest reading since 2008 excluding the impact of sales tax hikes.